JohnB5677
Expert Alumni

Get your taxes done using TurboTax

The 1099-S has a limited amount of information.  The two most common pieces of information are

  • (Box 1 Date of Closing) and
  • (Box 2 Gross Proceeds)

You should have been asked for both of these.

 

You also were asked for the cash basis in the home.  This would include:

  • The original purchase price
  • Improvements
  • Additional closing costs from the original purchase

    • Tax stamps,
    • Attorney fees,
    • Title insurance,
    • Title search and
    • Document preparation fees.

 

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